MKANGORESOURCESLTD. 550BurrardStreet Suite2900 Vancouver
MKANGORESOURCESLTD.
550BurrardStreet
Suite2900
Vancouver
BCV6C0A3
Canada
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MkangoAnnouncesExtensionofExclusivityPeriodto3 rdJuly2025inRelationto
theProposedBusinessCombinationwithCrownPropTechAcquisitions
LONDON/VANCOUVER:1July2025-– MkangoResourcesLtd(AIM/TSX-V:MKA)(“Mkango”)announced
today that it, its wholly owned subsidiary, Lancaster Exploration Limited (“Lancaster”) and certain other
wholly-owned subsidiaries of Mkango (together with Lancaster, “Lancaster Group”), have agreed to
extendtheexclusivityperiodassociatedwithanon-bindingletterofintent(“LOI”)toenterintoadefinitive
business combination agreement (the “Business Combination Agreement”) with Crown PropTech
Acquisitions,aCaymanIslandsexemptedcompany(OTC:CPTKW)(“CPTK”).
The LOI, which was entered into on 7 January 2025 and amended on each of 23 March 2025, 29 April
2025, and 22 May 2025, contained an exclusivity provision through 30 June 2025, during which time
Lancaster Group and CPTK agreed they would not engage in discussions or negotiations with any third
party regarding alternative transactions to the proposed merger contemplated by the Business
CombinationAgreement(the“ProposedBusinessCombination”).PursuanttothelatestLOIamendment,
dated 30 June 2025, Lancaster Group and CPTK extended the exclusivity provision through 3 July 2025
(the “Exclusivity Expiration Date”) in order to provide additional time for the parties to complete
negotiationofcertaindocumentsancillarytotheBusinessCombinationAgreement.
AboutMkangoResourcesLtd.
Mkango is listed on AIM and the TSX Venture Exchange. Mkango’s corporate strategy is to become a
marketleaderintheproductionofrecycledrareearthmagnets,alloysandoxides,throughitsinterestin
Maginito Limited (“Maginito”), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec
Holdings Corp (“CoTec”), and to develop new sustainable sources of neodymium, praseodymium,
dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other
cleanenergytechnologies.
Maginito holds a 100 per cent interest in HyProMag Limited (“HyProMag”) and a 90 per cent direct and
indirect interest (assuming conversion of Maginito’s convertible loan) in HyProMag GmbH, focused on
short loop rare earth magnet recycling and manufacturing in the UK and Germany, respectively, and a
100 per cent interest in Mkango Rare Earths UK Ltd (“Mkango UK”), focused on long loop rare earth
magnetrecyclingintheUKviaachemicalroute.
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Commissioning of the short loop rare earth magnet recycling and manufacturing plant at Tyseley Energy
ParkinBirmingham,UK,isunderway.Mkangowillprovideafurtherupdatetothemarketinduecourse.
Maginito and CoTec are also rolling out HyProMag’s recycling technology into the United States via the
50/50ownedHyProMagUSALLCjointventurecompany.
Mkango also owns the advanced stage Songwe Hill Rare Earth project, a rare earths, uranium, tantalum
andniobiumexplorationportfolioinMalawi(“SongweHill”),aswellasthePulawyRareEarth’sseparation
projectinPoland(“Pulawy”). TheseprojectsarethesubjectoftheProposedBusinessCombination.
SongweHillisoneofthefewrareearthprojectstohaveadvancedtotheNI43-101compliantDFS.
Pulawy, located in a Special Economic Zone in Poland, stands adjacent to the EU’s second largest
manufacturer of nitrogen fertilisers, and features established infrastructure, access to reagents and
utilitiesonsite.
Formoreinformation,pleasevisit www.mkango.ca
AboutCrownPropTechAcquisitions(CPTK)
CPTK is a Cayman Islands exempted company incorporated in 2021 as a special purpose acquisition
company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses, with approximately $5.6
millioncashintrust.
MarketAbuseRegulation(MAR)Disclosure
TheinformationcontainedwithinthisnewsreleaseisdeemedbyMkangotoconstituteinside
informationasstipulatedundertheMarketAbuseRegulations(EU)No.596/2014('MAR')whichhasbeen
incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this
announcementviaRegulatoryInformationService,thisinsideinformationisnowconsideredtobeinthe
publicdomain.
AdditionalInformationandWheretoFindIt
IfadefinitiveagreementisenteredintoinconnectionwiththeProposedBusinessCombination,Lancaster
and CPTK will prepare a registration statement, including a proxy statement/prospectus, to be filed with
theSEC.Theproxystatement/prospectuswillbemailedtoCPTK’sshareholders.CPTKurgesinvestorsand
other interested persons to read, when available, the proxy statement/prospectus, as well as other
documents filed with the SEC, because these documents will contain important information about the
Proposed Business Combination. Such persons can also read CPTK’s filings with the SEC for a description
of the security holdings of its officers and directors and their respective interests as security holders in
the consummation of the transactions described herein. The proxy statement statement/prospectus,
onceavailable,canbeobtained,withoutcharge,attheSEC’swebsiteat www.sec.gov.
CautionaryNoteRegardingForward-LookingStatements
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Thisnewsreleasecontainsforward-lookingstatements(withinthemeaningofthattermunderapplicable
securities laws) with respect to Mkango, Lancaster Group, CPTK, their businesses and the Proposed
BusinessCombination.Generally,forwardlookingstatementscanbeidentifiedbytheuseofwordssuch
as “targeted”, “plans”, “expects” or “is expected to”, “scheduled”, “estimates” “intends”, “anticipates”,
“believes”, or variations of such words and phrases, or statements that certain actions, events or results
“can”, “may”, “could”, “would”, “should”, “might” or “will”, occur or be achieved, or the negative
connotations thereof. Forward looking statements in this news release include, but are not limited to,
statements with respect to CPTK’s successor entity being listed on NASDAQ, and the Proposed Business
Combination.Readersarecautionednottoplaceunduerelianceonforward-lookingstatements,asthere
can be no assurance that the plans, intentions or expectations upon which they are based will occur. By
their nature, forward-looking statements involve numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur, which may cause actual performance
andresultsinfutureperiodstodiffermateriallyfromanyestimatesorprojectionsoffutureperformance
or results expressed or implied by such forward-looking statements. Such factors and risks include,
withoutlimitingtheforegoing,whethertheBusinessCombinationAgreementwillbeexecuted,whether
NASDAQwillapprovethelistingofsharesofLancaster,theavailabilityof(ordelaysinobtaining)financing
to develop Songwe Hill and the recycling plants in the UK, Germany and the United States as well as
Pulawy, geological, technical and regulatory matters relating to the development of Songwe Hill,
governmentalactionandothermarketeffectsonglobaldemandandpricingforthemetalsandassociated
downstreamproductsforwhichMkangoorLancasterisexploring,researchinganddeveloping,theability
to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater
financial capability and effective competing technologies in the recycling and separation business of
Maginito and Mkango, availability of scrap supplies for recycling activities, government regulation
(including the impact of environmental and other regulations) on and the economics in relation to
recycling and the development of the various recycling and separation plants of Mkango and Maginito
and future investments in the United States pursuant to the cooperation agreement between Maginito
andCoTec,theoutcomeandtimingofthecompletionoffeasibilitystudiesforSongweHill,costoverruns,
complexities in building and operating Songwe Hill and the Pulawy, the positive results of feasibility
studies on the various proposed aspects of Mkango’s and Maginito’s activities, and delays in obtaining
financing or governmental or stock exchange approvals and other risks that are detailed in the periodic
reports filed by CPTK with the SEC. The forward-looking statements contained in this news release are
madeasofthedateofthisnewsrelease.Exceptasrequiredbyapplicablelaw,eachofMkango,CPTKand
Lancaster disclaims any intention and assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. Additionally, each of
Mkango,CPTKandLancasterundertakesnoobligationtocommentontheexpectationsof,orstatements
madeby,thirdpartiesinrespectofthemattersdiscussedabove.
ParticipantsintheSolicitation
Lancaster and CPTK and their respective directors, executive officers and other members of their
management and employees, under SEC rules, may be deemed to be participants in the solicitation of
proxies of CPTK’s shareholders in connection with the Proposed Business Combination. Investors and
security holders may obtain more detailed information regarding the names, affiliations and interests of
CPTK’sdirectorsandofficersinCPTK’sSECfilings.Informationregardingthepersonswhomay,underSEC
rules,bedeemedparticipantsinthesolicitationofproxiestoCPTK’sshareholdersinconnectionwiththe
Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed
Business Combination when available. Information concerning the interests of Lancaster’s and CPTK’s
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participants in the solicitation, which may, in some cases, be different than those of their respective
equityholders generally, will be set forth in the proxy statement/prospectus relating to the Proposed
BusinessCombinationwhenitbecomesavailable.
NoOfferorSolicitation
Thispressreleaseshallnotconstituteasolicitationofaproxy,consent,orauthorizationwithrespectto
anysecuritiesorinrespectoftheProposedBusinessCombination.Thispressreleaseshallalsonot
constituteanoffertosellorthesolicitationofanoffertobuyanysecurities,norshalltherebeanysale
ofsecuritiesinanystatesorjurisdictionsinwhichsuchoffer,solicitation,orsalewouldbeunlawfulprior
toregistrationorqualificationunderthesecuritieslawsofanysuchjurisdiction.Noofferingofsecurities
shallbemadeexceptbymeansofaprospectusmeetingtherequirementsofSection10oftheSecurities
Actof1933,asamended.
ForfurtherinformationonMkango,pleasecontact:
MkangoResourcesLimited
AlexanderLemon WilliamDawes
President ChiefExecutiveOfficer
[email protected] [email protected]
UK:+442073722744
www.mkango.com
@MkangoResources
SPAngelCorporateFinanceLLP
NominatedAdviserandJointBroker
JeffKeating,JenClarke,DevikMehta
UK:+442034700470
AlternativeResourceCapital
JointBroker
AlexWood,KeithDowsing
UK:+442071869004/5
CohenCapital
StrategicandFinancialAdviser
BrandonSun
USA:+19294321254
WelsbachCorporateSolutionsLLC-FZ
SupplyChainAdvisor
DanielMamadouSG:
+6568797107
ForfurtherinformationonCPTK,pleasecontact:
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CrownPropTechAcquisitions
MichaelMinnick
ChiefExecutiveOfficer
https://www.crownproptech.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, or a
recommendation to purchase, any securities in any jurisdiction, or the solicitation of any vote, consent or
approval in any jurisdiction in connection with or with respect to the Proposed Business Combination, nor
shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to
whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This press release
does not constitute either advice or a recommendation regarding any securities. No offering of securities
shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as
amended, or an exemption therefrom.